LONDON: European gasoline exports jumped to a two-year high this week after a recent sharp drop in US stocks sparked a wave of buying ahead of the summer driving season.
Figures from data analytics firm Kpler showed exports from Europe reached 1.46 million barrels per day this week, nearly double the rate in the previous two weeks.
US gasoline inventories decreased sharply since Feb. 8 due to a string of planned and unplanned refinery outages and higher demand from Mexico.
Europe has traditionally been a key supplier of gasoline to the densely-populated US East Coast where supplies from regional refineries is short of demand.
Exports have nevertheless slowed down in recent years due to higher US gasoline production and slowing demand.
Demand from West Africa has also increased in recent weeks, particularly from Nigeria where buying picked up following the country's general elections last month, traders said.
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